International Financial Services Centre’s Authority Bill, 2019
December 21 , 2019 1720 days 1387 0
The bill was introduced in Lok Sabha by the Minister of Finance Nirmala Sitharaman.
The Bill provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres (IFSCs) in India.
The Bill will apply to all IFSCs set up under the Special Economic Zones Act, 2005.
The central government will appoint nine members to this authority.
They have a term of three years, subject to reappointment.
According to this bill, all powers exercisable by the respective financial sector regulatory (viz. RBI, SEBI, IRDAI, and PFRDA etc.) shall be solely exercised by the Authority.
The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat.